Islamabad, Nov 24: Foreign worker remittances are projected to reach $36 billion in the current fiscal year. During the first four months of FY2024-25 (4MFY24), remittances increased by 35% year-on-year, amounting to $11.8 billion, as based on central bank data.
Topline Securities attributes this growth to robust contributions from the UAE, Saudi Arabia, and the UK, which saw increases of 56%, 37%, and 39%, respectively.
This surge is supported by a stable Pakistani Rupee (PKR) and a rise in manpower exports over the past two to three years.
Estimates suggest remittances could grow by 16% year-on-year, reaching $35-36 billion by FY25.
The data shows the largest inflows came from Saudi Arabia at $766.7 million, followed by the UAE with $620.9 million, the UK with $429.5 million, EU countries with $359.1 million, and the US with $299.3 million.
